In this blog, we will talk about how you can stay compliant while chasing your career goals!
If you have been fortunate to land two (2) career opportunities in 2022, big congratulations to you! What happens next?
If you’re a Filipino employee, it’s important to be familiar with BIR Form 1700. This form is used to file your annual income tax return (ITR) with the Bureau of Internal Revenue (BIR) in the Philippines. Here’s everything you need to know about BIR Form 1700:
Who Needs to File BIR Form 1700?
Any Filipino employee who earned income from January to December of the previous year from multiple employers needs to file BIR Form 1700. This includes both government and private employees.
What Information Do You Need to Provide?
BIR Form 1700 requires you to provide details about your income, deductions, and tax payments for the previous year. Some of the information you’ll need to provide includes your personal details, income from employment or business, and any deductions or tax credits you may be eligible for.
All of the details needed to complete your 1700 filing can be found on your BIR Form 2316. That said, you need to make sure that you have these gathered from your employers within the taxable year.
How Do You File BIR Form 1700?
There are two ways to file BIR Form 1700: manually or electronically. For manual filing, you’ll need to submit the form and supporting documents to the nearest BIR office. For electronic filing, you can use an online platform such as Taxumo, which makes the process faster and more convenient.
What Are the Deadlines for Filing?
The deadline for filing BIR Form 1700 is every 15th of April but if it falls on a holiday or a weekend, the deadline will be moved to the next working day.
If you are using Taxumo, the filing deadline will be on April 10, 2023.
What Are the Consequences of Not Filing?
Failing to file your BIR Form 1700 on time can result in penalties and interest charges, as well as the possibility of being audited by the BIR. It’s important to file on time to avoid any potential legal issues or fines.
Can Taxumo Help You File BIR Form 1700?
Taxumo allows you to focus more on your new career and growth by handling the filing of your BIR Form 1700 for a variable one-time fee! If you really think about it, this is a great deal! You don’t need to queue in long lines, no need to pay for transportation, gas, and look for a parking spot!
File Your BIR Form 1700 With Taxumo in 3 Easy Steps!
- Step 1: Go to: https://www.taxumo.com/form-1700/
- Step 2: Click “Get a Quote”
- Step 3: Fill out the form with pertinent information
Note: You must have your all BIR Form 2316 from your employers within the taxable year
That’s it! Taxumo’s Customer Service team will reach out to you via email to help you complete your filing!
In conclusion, BIR Form 1700 is an important document that every Filipino employee needs to be familiar with. By providing accurate and timely information, you can avoid penalties and ensure that you’re in compliance with the tax laws in the Philippines. So, make sure to file your ITR on time and take advantage of the available tools and resources to make the process easier and more convenient.